Why gold prices would be under pressure near term

Gold ETP outflows exceeded 139 tons in April even as physical demand for the commodity is also at its seasonal lows putting pressure on prices. “Given the seasonally weaker period for physical demand, we expect the slowdown in physical demand to be greater than the slowdown in investor demand, placing downside pressure on gold prices in the near term,” said Barclays in a report on gold.
The price of gold has traded above the $1400/oz level; however, the commodity has struggled to retain gains and sustain above that level. There exists a strong physcial appetite for gold; but the weakness in ETPs have not been completely offset by strength in physical demand……………………………………..Full Article: Source